TCR_Public/130622.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Saturday, June 22, 2013, Vol. 17, No. 171

                            Headlines

AFA INVESTMENT: Net Loss Up to $1.26 Million in April
ALLEN FAMILY: Ends April with $1.86 Million Cash
ALLIED SYSTEMS: Reports $524,043 Net Loss for April
AMERICANWEST BANCORP: Posts $9,000 Net Loss in May
AMF BOWLING: Reports $2.3 Million Operating Income in April

BETSEY JOHNSON: Lists $117,184 Net Loss at April 30
FIRST REGIONAL: Incurs $54,700 Net Loss in May
GREENWOOD FORGINGS: Reports $4.68MM Stockholders' Equity for May
HANDY HARDWARE: Ends March with $3.56 Million Cash
HANDY HARDWARE: Cash Balance at $3.38MM at April 30

LEHMAN BROTHERS: Has $15.1 Billion Cash as of April 30
SAAB CARS: Posts $1.16 Million Net Loss in March
SAAB CARS: Net Loss Down to $120,047 at April 30
SPECIALTY PRODUCTS: Posts $1.41 Million Net Loss in April
VERTIS HOLDINGS: Ends April with $25.91 Million Cash


                            *********



AFA INVESTMENT: Net Loss Up to $1.26 Million in April
-----------------------------------------------------
AFA Investment Inc., et. al., on June 3, 2013, filed its monthly
operating report for the period from April 1, 2013 to April 28,
2013.

The Debtor reported a net loss of $1.26 million for the period
ended April 28, 2013.

As of April 28, 2013, the Debtor had total assets of
$19.39 million, total liabilities of $150.5 million, and total
stockholders' deficit of $132.88 million.

At the beginning of April, the Debtor had $14.95 million in cash.
AFA Investment had total cash receipts of $147,026 and total cash
disbursements of $172,676.  As a result, at the end of April, the
Debtor had total cash of $14.93 million.

A full-text copy of the monthly operating report is available at:

        http://bankrupt.com/misc/AFA_INVESTMENT_aprilmor.pdf

King of Prussia, Pennsylvania-based AFA Foods Inc. was one of the
largest processors of ground beef products in the United States.
The Company had five processing facilities and two ancillary
facilities across the country with annual processing capacity of
800 million pounds.  AFA had seven facilities capable of producing
800 million pound of ground beef annually.  Revenue in 2011 was
$958 million.

Yucaipa Cos. acquired the business in 2008 and currently owns 92%
of the common stock and all of the preferred stock.

AFA Foods, AFA Investment Inc. and other affiliates filed for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-11127) on
April 2, 2012, after recent changes in the market for its ground
beef products and the impact of negative media coverage related to
boneless lean beef trimmings (BLBT) affected sales.

Judge Mary Walrath presides over the case.  Peter I Keane, Esq.,
Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Peter J.
Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington,
Delaware; Tobias S. Keller, Esq., at Jones Day, in San Francisco,
California; and Jeffrey B. Ellman, Esq., and Brett J. Berlin,
Esq., at Jones Day, in Atlanta, Georgia, represent the Debtors.
FTI Consulting Inc. serves as financial advisors and Imperial
Capital LLC serves as marketing consultants.  Kurtzman Carson
Consultants LLC serves as noticing and claims agent.

As of Feb. 29, 2012, on a consolidated basis, the Debtors' books
and records reflected approximately $219 million in assets and
$197 million in liabilities.  AFA Foods, Inc., disclosed
$615,859,574 in assets and $544,499,689 in liabilities as of the
Petition Date.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven
members to the official committee of unsecured creditors in the
Chapter 11 cases of AFA Investment Inc., AFA Foods and their
debtor-affiliates.  The Committee has obtained approval to hire
McDonald Hopkins LLC as lead counsel and Potter Anderson &
Corroon LLP serves as co-counsel.  The Committee also obtained
approval to retain J.H. Cohn LLP as its financial advisor, nunc
pro tunc to April 13, 2012.

AFA, in its Chapter 11 case, sold plants and paid off the first-
lien lenders and the loan financing the Chapter 11 effort.
Remaining assets are $14 million cash and the right to file
lawsuits.

General Electric Capital Corp. and Bank of America Corp. provided
about $60 million in DIP financing.  The loan was paid off in
July.

In October 2012, the Bankruptcy Court denied a settlement that
would have released Yucaipa Cos., the owner and junior lender to
AFA Foods, from claims and lawsuits the creditors might otherwise
bring, in exchange for cash to pay unsecured creditors' claims
under a liquidating Chapter 11 plan.  Under the deal, Yucaipa
would receive $11.2 million from the $14 million, with the
remainder earmarked for unsecured creditors.  Asset recoveries
above $14 million would be split with Yucaipa receiving 90% and
creditors 10%.  Proceeds from lawsuits would be divided roughly
50-50.


ALLEN FAMILY: Ends April with $1.86 Million Cash
------------------------------------------------
Allen Family Foods, Inc., on June 11, 2013, filed its monthly
operating report for the month ended April 30, 2013.

At the beginning of April, the Debtor had $2.63 million in cash.
Allen Family had total cash disbursements of $775,484 for general
unsecured claims for the month.  As a result, at the end of April,
the Debtor had total cash of $1.86 million.

A full-text copy of the monthly operating report is available at:

         http://bankrupt.com/misc/ALLEN_FAMILY_aprilmor.pdf

                     About Allen Family Foods

Allen Family Foods Inc. is a 92-year-old Seaford, Del., poultry
company.  Allen Family Foods and two affiliates, Allen's Hatchery
Inc. and JCR Enterprises Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11764) on June 9, 2011.
Allen estimated assets and liabilities between $50 million and
$100 million in its petition.

Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young,
Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as
counsel to the Debtors.  FTI Consulting is the financial advisor.
BMO Capital Markets is the Debtors' investment banker.  Epiq
Bankruptcy Solutions LLC is the claims and notice agent.

Roberta DeAngelis, U.S. Trustee for Region 3, appointed seven
creditors to serve on an Official Committee of Unsecured Creditors
in the Debtors' cases.  Lowenstein Sandler PC and Womble Carlyle
Sandridge & Rice, PLLC, serve as counsel for the committee.  J.H.
Cohn LLP serves as the Committee's financial advisor.

The Debtors' Chapter 11 plan was confirmed by the bankruptcy judge
in December.  The Plan provided for the creation of a trustee to
liquidate the remaining assets, claims and causes of action the
Debtors and distribute the proceeds to creditors.

The Debtors sold their business in September 2011 to Korean
poultry producer Harim Co., generating $45.2 million.  A
settlement with the lender gave unsecured creditors $5 million.
The bank also agreed to waive claims, so it won't share in
distributions to unsecured creditors as a result of a shortfall in
payment of the secured claim.  Under the plan, unsecured creditors
with $32.2 million in claims were projected to make a 10%
recovery.


ALLIED SYSTEMS: Reports $524,043 Net Loss for April
---------------------------------------------------
Allied Systems Holdings, Inc., et al., on May 30, 2013, filed its
monthly operating report for the month ended April 30, 2013.

The Debtor reported a net loss of $524,043 on revenues of
$25.2 million for April.  Operating income was at $515,380.

As of April 30, 2013, the Debtor had total assets of
$232.32 million, total liabilities of $481.47 million, and total
stockholders' deficit of $344.71 million.

For April, the Debtor had total deposits of $32.08 million and
total disbursements of $30.4 million.

A full-text copy of the monthly operating report is available at:

       http://bankrupt.com/misc/ALLIED_SYSTEMS_aprilmor.pdf

                       About Allied Systems

BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and
Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary
petitions for Allied Systems Holdings Inc. and Allied Systems Ltd.
(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012.
The signatories of the involuntary petitions assert claims of at
least $52.8 million for loan defaults by the two companies.

Allied Systems, through its subsidiaries, provides logistics,
distribution, and transportation services for the automotive
industry in North America.

Allied Holdings Inc. previously filed for chapter 11 protection
(Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31,
2005.  Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP,
represented the Debtors in the 2005 case.  Allied won confirmation
of a reorganization plan and emerged from bankruptcy in May 2007
with $265 million in first-lien debt and $50 million in second-
lien debt.

The petitioning creditors said Allied has defaulted on payments of
$57.4 million on the first lien debt and $9.6 million on the
second.  They hold $47.9 million, or about 20% of the first-lien
debt, and about $5 million, or 17%, of the second-lien obligation.
They are represented by Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris,
Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings Inc. formally put itself and 18
subsidiaries into bankruptcy reorganization June 10, 2012,
following the filing of the involuntary Chapter 11 petition.

The Company is being advised by the law firms of Troutman Sanders,
Gowling Lafleur Henderson, and Richards Layton & Finger.

The bankruptcy court process does not include captive insurance
company Haul Insurance Limited or any of the Company's Mexican or
Bermudan subsidiaries.  The Company also announced that it intends
to seek foreign recognition of its Chapter 11 cases in Canada.

An official committee of unsecured creditors has been appointed in
the case.  The Committee consists of Pension Benefit Guaranty
Corporation, Central States Pension Fund, Teamsters National
Automobile Transporters Industry Negotiating Committee, and
General Motors LLC.  The Committee is represented by Sidley Austin
LLP.

Yucaipa Cos. has 55 percent of the senior debt and took the
position it had the right to control actions the indenture trustee
would take on behalf of debt holders.  The state court ruled in
March 2013 that the loan documents didn't allow Yucaipa to vote.

In March, the bankruptcy court also gave the official creditors'
committee authority to sue Yucaipa. The suit includes claims that
the debt held by Yucaipa should be treated as equity or
subordinated so everyone else is paid before the Los Angelesbased
owner. The judge is allowing Black Diamond to participate in the
lawsuit against Yucaipa and Allied directors.


AMERICANWEST BANCORP: Posts $9,000 Net Loss in May
--------------------------------------------------
AmericanWest Bancorporation filed with the U.S. Securities and
Exchange Commission its monthly operating report for May 2013.

For the month of May, the Company had a net loss of $9,278 on $0
of income.

As of May 31, 2013, the Company's balance sheet showed $6.72
million in total assets, $47.42 million in total liabilities and a
$40.69 million total owner deficit.

At the beginning of the month, the Company had a cash balance of
$5.31 million.  The Company had total cash disbursements of
$5,693.  At May 31, 2013, the Company had ending cash balance of
$5.30 million.

A copy of the monthly operating report is available for free at:

                         http://is.gd/fEFB1t

                  About AmericanWest Bancorporation

Headquartered in Spokane, Washington, AmericanWest Bancorporation
(OTC BB: AWBC) -- http://www.awbank.net/-- was a bank holding
company whose principal subsidiary was AmericanWest Bank, which
included Far West Bank in Utah operating as an integrated
division of AmericanWest Bank. AmericanWest Bank was a community
bank with 58 financial centers located in Washington, Northern
Idaho and Utah.

AmericanWest Bancorporation filed for Chapter 11 protection
(Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010. The
banking subsidiary was not included in the Chapter 11 filing.

Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at
Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as
bankruptcy counsel. G. Larry Engel, Esq., at Morrison & Foerster
LLP, also serves as counsel.

The Debtor estimated assets of $1 million to $10 million and
debts of $10 million to $50 million in its Chapter 11 petition.
AmericanWest Bancorporation's estimates exclude its banking
unit's assets and debts. In its Form 10-Q filed with the
Securities and Exchange Commission before the Petition Date,
AmericanWest Bancorporation reported consolidated assets --
including its bank unit's -- of $1.536 billion and consolidated
debts of $1.538 billion as of Sept. 30, 2010.

In December 2010, AmericanWest completed the sale of all
outstanding shares of AmericanWest Bank to a wholly owned
subsidiary of SKBHC Holdings LLC, in a transaction approved by
the U.S. Bankruptcy Court.  The bank subsidiary was sold to SKBHC
Holdings Inc. for $6.5 million cash.


AMF BOWLING: Reports $2.3 Million Operating Income in April
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that AMF Bowling Worldwide Inc. reported operating income
of $2.3 million for a month ended May 5, on revenue of $38.5
million.  The month's net loss was $2.3 million, according to the
operating report filed with the bankruptcy court.  Interest
expense in the month was $779,000, and reorganization costs were
$3.1 million.  Cash declined $2 million, to end the month at $40.2
million.

                  About AMF Bowling Worldwide

AMF Bowling Worldwide Inc. is the largest operator of bowling
centers in the world.  The Company and several affiliates sought
Chapter 11 protection (Bankr. E.D. Va. Case Nos. 12-36493 to
12-36508) on Nov. 12 and 13, 2012, after reaching an agreement
with a majority of its secured first lien lenders and the landlord
of a majority of its bowling centers to restructure through a
first lien lender-led debt-for-equity conversion, subject to
higher and better offers through a marketing process.  At the time
of the bankruptcy filing, AMF operated 262 bowling centers across
the United States and, through its non-Debtor facilities, and 8
bowling centers in Mexico -- more than three times the number of
bowling centers of its closest competitor.

Debt for borrowed money totals $296 million, including
$216 million on a first-lien term loan and revolving credit,
and $80 million on a second-lien term loan.

Mechanicsville, Virginia-based AMF first filed for bankruptcy
reorganization in July 2001 and emerged with a confirmed
Chapter 11 plan in February 2002 by giving unsecured creditors
7.5% of the new stock.  The bank lenders, owed $625 million,
received a combination of cash, 92.5% of the stock, and $150
million in new debt.  At the time, AMF had over 500 bowling
centers.

Judge Kevin R. Huennekens oversees the 2012 case, taking over from
Judge Douglas O. Tice, Jr.  Patrick J. Nash, Jr., Esq., Jeffrey D.
Pawlitz, Esq., and Joshua A. Sussberg, Esq., at Kirkland & Ellis
LLP; and Dion W. Hayes, Esq., John H. Maddock III, Esq., and Sarah
B. Boehm, Esq., at McGuirewoods LLP, serve as the Debtors'
counsel.  Moelis & Company LLC serves as the Debtors' investment
banker and financial advisor.  McKinsey Recovery & Transformation
Services U.S., LLC, serves as the Debtors' restructuring advisor.
Kurtzman Carson Consultants LLC serves as the Debtors' claims and
noticing agent.

Kristopher M. Hansen, Esq., Sayan Bhattacharyya, Esq., and
Marianne S. Mortimer, Esq., at Stroock & Stroock & Lavan LLP; and
Peter J. Barrett, Esq., and Michael A. Condyles, Esq., at Kutak
Rock LLP, represent the first lien lenders.

An ad hoc group of second lien lenders is represented by Lynn L.
Tavenner, Esq., and Paula S. Beran, Esq., at Tavenner & Beran,
PLC; and Ben H. Logan, Esq., Suzzanne S. Uhland, Esq., and
Jennifer M. Taylor, Esq., at O'Melveny & Myers LLP.

The Official Committee of Unsecured Creditors retained Pachulski
Stang Ziehl & Jones LLP as its lead counsel; Christian & Barton,
LLP as its local counsel; and Mesirow Financial Consulting, LLC as
its financial advisors.

A confirmation hearing on the Chapter 11 plan is slated for June
25.  Under the plan, ownership is to be handed over to second-lien
creditors owed $80 million and Strike Holdings LLC, the owner of
six high-end bowling centers operating under the name Bowlmor.


BETSEY JOHNSON: Lists $117,184 Net Loss at April 30
---------------------------------------------------
Betsey Johnson LLC, on June 3, 2013, filed its monthly operating
report for the period from April 1, 2013, to April 30, 2013.

The Debtor reported a net loss of $117,184 for April.

As of April 30, 2013, the Debtor had total assets of
$1.25 million, total liabilities of $9.52 million, and total
stockholders' deficit of $8.27 million.

The Debtor had a book balance of $1.138 million at the start of
April.  For the month, total inflow was $7,087 while total outflow
was $86,924.  Betsey Johnson had total ending cash balance of
$1.059 million at the end of the period.

A full-text copy of the monthly operating report is available at:

       http://bankrupt.com/misc/BETSEY_JOHNSON_aprilmor.pdf

                        About Betsey Johnson

New York-based women's fashion retailer Betsey Johnson LLC filed a
Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 12-11732)
on April 26, 2012, to effectuate a sale of its assets.

Formed as B.J. Vines by its namesake, iconic fashion designer
Betsey Johnson in 1978, the Debtor sells clothing, footwear,
handbags and a signature fragrance through 63 Betsey Johnson
retail stores and outlets in the U.S.  The Company, which has 400
employees, also sells its products in department and specialty
stores worldwide, including Macy's and Lord & Taylor, and online
at http://www.betseyjohnson.com/ Non-debtor subsidiaries operate
five stores in Canada and one store in England.

In 2010, Steven Madden Ltd. a footwear designer and marketer,
swapped US$27.4 million of secured debt for ownership of Betsey
Johnson's trademarks and intellectual property.  The deal
satisfied all outstanding debt under a US$50 million term loan
used to finance the business' acquisition by Castanea Partners.
At the same time, Castanea, the company's majority owner, made a
new capital investment of US$3 million as part of the deal with
Madden.

Betsey Johnson estimated assets and debts of US$10 million to
US$50 million as of the Chapter 11 filing.

Judge James Peck oversees the case.  The Debtor tapped the law
firm of Goulston & Storrs, as counsel; Togut, Segal & Segal, LLP,
as co-counsel; and Donlin Recano & Company as claims and notice
agent.  The petition was signed by Jonathan Friedman, chief
financial officer.

Hahn & Hessen LLP serves as the Official Committee of Unsecured
Creditors' counsel.

In May 2012, Betsey Johnson received court approval to begin
liquidation after the Debtor failed to attract going concern
bidders.  Liquidators Gordon Brothers Group Inc. and Hilco
Merchant Resources LLC offered the top bid for the right to run
the chain's going-out-of-business sales.  The bid will bring the
Debtor about $5.2 million immediately, and more money could
trickle in to pay off its debts if the liquidation effort brings
in more money than expected.

Hilco is represented by Chris L. Dickerson, Esq., at DLA Piper
LLP (US).  Counsel for Steven Madden, Ltd., is Neil Herman, Esq.,
at Morgan, Lewis & Bockius LLP.  Counsel for First Niagara
Commercial Finance, Inc., the DIP Lender, is James C. Fox, Esq.,
at Ruberto, Israel & Weiner.


FIRST REGIONAL: Incurs $54,700 Net Loss in May
----------------------------------------------
First Regional Bancorp filed with the U.S. Securities and Exchange
Commission its monthly operating report for May 2013.

For the month of May, the Company incurred a net loss of $54,777
on $0 of net sales.

As of May 31, 2013, the Company had $976,122 in total assets,
$97.58 million in total liabilities and a $96.60 million total
deficit.

At the beginning of the month, the Company had $203,899 in cash.
The Company had total disbursements of $12,777.  At May 31, 2013,
the Company had ending balance of $191,122.

A copy of the monthly operating report is available at:

                        http://is.gd/ohM6Kn

                  About First Regional Bancorp

First Regional Bancorp (NASDAQ-GSM: FRGB) is the bank holding
company for First Regional Bank, Los Angeles, California.
First Regional Bank was closed at the end of January 2010 by the
California Department of Financial Institutions, which appointed
the Federal Deposit Insurance Corporation as receiver.

First Regional Bancorp filed for Chapter 11 protection
(Bankr. C.D. Calif. Case No. 12-31372) on June 19, 2012.

Jon L Dalberg, Esq., at Landau Gottfried & Berger LLP, represents
the Debtor in its Chapter 11 case.

The Debtor estimated assets of $1 million to $10 million and
debts of $100 million to $500 million in its Chapter 11 petition.


GREENWOOD FORGINGS: Reports $4.68MM Stockholders' Equity for May
----------------------------------------------------------------
Greenwood Forgings, LLC, on May 30, 2013, filed its monthly
operating report for the period covering March 31 and May 4, 2013.

As of May 4, 2013, the Debtor had total assets of $17.13 million,
total liabilities of $12.44 million and total stockholders' equity
of $4.68 million.

A full-text copy of the monthly operating report is available at:

http://bankrupt.com/misc/REVSTONE_INDUSTRIES_greenwood_marmor.pdf

An affiliate of Greenwood Forgings, US Tool & Engineering LLC,
also filed monthly operating report for the month of April 2013.
The copy of the MOR is available at:

     http://bankrupt.com/misc/REVSTONE_INDUSTRIES_ustool_apr.pdf

          About Revstone Industries, Greenwood Forgings,
                      & US Tool & Engineering

Lexington, Kentucky-based Revstone Industries LLC, a maker of
truck parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 12-13262) on Dec. 3, 2012.  Judge Brendan Linehan Shannon
oversees the case.  In its petition, Revstone estimated under
$50 million in assets and debts.

Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del.
Case No. 12-13263) on Dec. 3, 2012.

Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No.
13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No.
13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013.
Judge Shannon also oversees the cases.

A motion for joint administration of the cases has been filed.

Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy
counsel to Greenwood and US Tool.  Greenwood estimated $1 million
to $10 million in assets and $10 million to $50 million in debts.
US Tool & Engineering estimated under $1 million in assets and $1
million to $10 million in debts.  The petitions were signed by
George S. Homeister, chairman.


HANDY HARDWARE: Ends March with $3.56 Million Cash
--------------------------------------------------
Handy Hardware Wholesale, Inc., on May 1, 2013, filed its monthly
operating report for the month ended March 2013.

The Debtor posted a net pretax loss of $2.74 million for March.

As of March 2013, the Debtor had total assets of $78.34 million,
total liabilities of $86.22 million, and total stockholders'
deficit of $7.88 million.

At the beginning of March, the Debtor had $2.67 million in cash.
Handy Hardware had total cash receipts of $31.6 million and total
cash disbursements of $30.31 million.  As a result, at the end of
March, the Debtor had total cash of $3.56 million.

A full-text copy of the monthly operating report is available at:

       http://bankrupt.com/misc/HANDY_HARDWARE_marchmor.pdf

                       About Handy Hardware

Handy Hardware Wholesale, Inc., filed a Chapter 11 petition
(Bankr. D. Del. Case No. 13-10060) on Jan. 11, 2013.

Handy Hardware is engaged in the business of buying goods from
vendors and selling those goods at a discounted price to its
members for sale in their retail stores.  Handy Hardware, which
has 300 employees, is operating on a cooperative basis and is
completely member-owned, with over 1,000 members.  The Debtor's
warehouse facilities are located in Houston, Texas, and in
Meridian, Mississippi.  Trucking services are provided by Averitt
Express, Inc., and Trans Power Corp.  Its members operate 1,300
retail stores, home centers, and lumber yards.  The members are
located in 14 states throughout the U.S. as well as in Mexico,
South America, and Puerto Rico.

Bankruptcy Judge Mary F. Walrath oversees the case.  Lawyers at
Ashby & Geddes, P.A., serve as the Debtor's counsel.  MCA
Financial serves as financial advisor.  Donlin Recano serves as
claims and noticing agent.  The Debtor disclosed $79,169,106 in
assets and $77,605,085 plus an unknown in liabilities as of the
Chapter 11 filing.

A seven-member official committee of unsecured creditors has been
appointed in the case.  Gellert Scali Busenkell & Brown, LLC
represents the Committee.

Wells Fargo is providing a $30 million revolving credit to finance
operations in Chapter 11.

In June 2013, Handy Hardware said it wants to sell itself to a
unit of private equity firm Littlejohn Management Holdings LLC in
a deal that would pay off all administrative claims and raise the
recoveries of unsecured creditors.  Under Handy Hardware's amended
Chapter 11 plan, Littlejohn would also pay $4 million to cover
wind-down costs for the estate and to go toward paying unsecured
creditors on a pro-rated basis.


HANDY HARDWARE: Cash Balance at $3.38MM at April 30
---------------------------------------------------
Handy Hardware Wholesale, Inc., on May 29, 2013, filed its monthly
operating report for the month ended April 2013.

The Debtor posted a net pretax loss of $2.13 million for April.

As of April 2013, the Debtor had total assets of $72.38 million,
total liabilities of $82.38 million, and total stockholders'
deficit of $10 million.

At the beginning of April, the Debtor had $3.56 million in cash.
Handy Hardware had total cash receipts of $27.17 million and total
cash disbursements of $27.35 million.  As a result, at the end of
April, the Debtor had total cash of $3.38 million.

A full-text copy of the monthly operating report is available at:

        http://bankrupt.com/misc/HANDY_HARDWARE_aprilmor.pdf

Handy Hardware Wholesale, Inc., filed a Chapter 11 petition
(Bankr. D. Del. Case No. 13-10060) on Jan. 11, 2013.

Handy Hardware is engaged in the business of buying goods from
vendors and selling those goods at a discounted price to its
members for sale in their retail stores.  Handy Hardware, which
has 300 employees, is operating on a cooperative basis and is
completely member-owned, with over 1,000 members.  The Debtor's
warehouse facilities are located in Houston, Texas, and in
Meridian, Mississippi.  Trucking services are provided by Averitt
Express, Inc., and Trans Power Corp.  Its members operate 1,300
retail stores, home centers, and lumber yards.  The members are
located in 14 states throughout the U.S. as well as in Mexico,
South America, and Puerto Rico.

Bankruptcy Judge Mary F. Walrath oversees the case.  Lawyers at
Ashby & Geddes, P.A., serve as the Debtor's counsel.  MCA
Financial serves as financial advisor.  Donlin Recano serves as
claims and noticing agent.  The Debtor disclosed $79,169,106 in
assets and $77,605,085 plus an unknown in liabilities as of the
Chapter 11 filing.

A seven-member official committee of unsecured creditors has been
appointed in the case.  Gellert Scali Busenkell & Brown, LLC
represents the Committee.

Wells Fargo is providing a $30 million revolving credit to finance
operations in Chapter 11.

In June 2013, Handy Hardware said it wants to sell itself to a
unit of private equity firm Littlejohn Management Holdings LLC in
a deal that would pay off all administrative claims and raise the
recoveries of unsecured creditors.  Under Handy Hardware's amended
Chapter 11 plan, Littlejohn would also pay $4 million to cover
wind-down costs for the estate and to go toward paying unsecured
creditors on a pro-rated basis.


LEHMAN BROTHERS: Has $15.1 Billion Cash as of April 30
---------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and
controlled entities for the month ended April 30, 2013:

Beginning Total Cash & Investments (04/01/13) $24,378,000,000
Total Sources of Cash                           5,418,000,000
Total Uses of Cash                            (14,605,000,000)
FX Fluctuation                                      3,000,000
                                               ---------------
Ending Total Cash & Investments (04/30/13)    $15,131,000,000

LBHI reported $13.424 billion in cash and investments as of
April 1, 2013, and $8.899 billion as of April 30, 2013.

The monthly operating report also showed that a total of $41.575
million was paid in April to the U.S trustee and professionals,
including $20.392 million in incentive fees paid to Lehman's
turnaround manager Alvarez & Marsal LLC and Houlihan Lokey Howard
& Zukin Capital Inc.

Alvarez & Marsal also received $4.381 million in fees while
Lehman's bankruptcy counsel, Weil Gotshal & Manges LLP received
$12.094 million.

A copy of the April 2013 Operating Report is available for free
at http://bankrupt.com/misc/LehmanMORApril30113.pdf

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012 and a second payment of $10.2 billion on Oct. 1.  A
third distribution is set for around March 30, 2013.  The
brokerage is yet to make a first distribution to non-customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


SAAB CARS: Posts $1.16 Million Net Loss in March
------------------------------------------------
Saab Cars North America, Inc., on May 2, 2013, filed its monthly
operating report for the month ended March 31, 2013.

The Debtor posted a net loss of $1.16 million for the month ended
March 31, 2012.

As of March 31, 2013, the Debtor had total assets of
$30.54 million, total liabilities of $56.33 million, and total
stockholders' deficit of $25.79 million.

At the beginning of March, the Debtor had $25.73 million in cash.
Saab Cars had total cash receipts of $25.49 million and total cash
disbursements of $175,638.  As a result, at the end of March, the
Debtor had total cash of $25.58 million.

A full-text copy of the monthly operating report is available at:

          http://bankrupt.com/misc/SAAB_CARS_marchmor.pdf

                       About Saab Cars N.A.

More than 40 U.S.-based Saab dealerships have signed an
involuntary chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012.  The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement."  Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.

Donlin, Recano & Company, Inc. (DRC), has been retained to provide
claims and noticing agent services to Saab Cars North America,
Inc. in its Chapter 11 case.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

On Feb. 24, 2012, the Court, inconsideration of the petition filed
on Jan. 30, 2012, granted Saab Cars North America, Inc., relief
under Chapter 11 of the Bankruptcy Code.

On March 9, 2012, the U.S. Trustee formed an official Committee of
Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.


SAAB CARS: Net Loss Down to $120,047 at April 30
------------------------------------------------
Saab Cars North America, Inc., on May 31, 2013, filed its monthly
operating report for the month ended April 30, 2013.

The Debtor posted a net loss of $120,047 for the month ended
April 30, 2012.

As of April 30, 2013, the Debtor had total assets of
$30.35 million, total liabilities of $56.28 million, and total
stockholders' deficit of $25.93 million.

At the beginning of April, the Debtor had $25.58 million in cash.
Saab Cars had total cash receipts of $9,907 and total cash
disbursements of $191,998.  As a result, at the end of April, the
Debtor had total cash of $25.39 million.

A full-text copy of the monthly operating report is available at:

          http://bankrupt.com/misc/SAAB_CARS_aprilmor.pdf

                       About Saab Cars N.A.

More than 40 U.S.-based Saab dealerships have signed an
involuntary chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012.  The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement."  Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.

Donlin, Recano & Company, Inc. (DRC), has been retained to provide
claims and noticing agent services to Saab Cars North America,
Inc. in its Chapter 11 case.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

On Feb. 24, 2012, the Court, inconsideration of the petition filed
on Jan. 30, 2012, granted Saab Cars North America, Inc., relief
under Chapter 11 of the Bankruptcy Code.

On March 9, 2012, the U.S. Trustee formed an official Committee of
Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.


SPECIALTY PRODUCTS: Posts $1.41 Million Net Loss in April
---------------------------------------------------------
Specialty Products Holding Corp., on May 31, 2013, filed its
monthly operating report for the month ended April 2013.

The Debtor posted net loss of $1.41 million for the month ended
April 2013.

As of April 2013, the Debtor had total assets of
$441.82 million, total liabilities of $237.93 million and total
stockholders' equity of $203.88 million.

At the beginning of April, the Debtor had $18.69 million in
cash.  Specialty Products had total cash receipts of
$36.62 million and total cash disbursements of $35.24 million.  As
a result, at the end of April, the Company had total cash of
$20.08 million.

A full-text copy of the monthly operating report is available at:

      http://bankrupt.com/misc/SPECIALTY_PRODUCTS_aprilmor.pdf

An affiliate of Specialty Products, Bondex International, also
filed monthly operating report for April 2013.  The copy of the
MOR is available at:

  http://bankrupt.com/misc/SPECIALTY_PRODUCTS_bondex_aprilmor.pdf

                     About Specialty Products

Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,
Inc., is a wholly owned subsidiary of RPM International Inc.  The
Company is the holding company parent of Bondex International,
Inc., and the direct or indirect parent of certain additional
domestic and foreign subsidiaries.  The Company claims to be a
leading manufacturer, distributor and seller of various specialty
chemical product lines, including exterior insulating finishing
systems, powder coatings, fluorescent colorants and pigments,
cleaning and protection products, fuel additives, wood treatments
and coatings and sealants, in both the industrial and consumer
markets.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 10-11780) on May 31, 2010.  Gregory M. Gordon, Esq.,
Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve
as bankruptcy counsel.  Daniel J. DeFranceschi, Esq., and Zachary
I. Shapiro, Esq., at Richards Layton & Finger, serve as co-
counsel.  Logan and Company is the Company's claims and notice
agent.  The Company estimated its assets and debts at $100 million
to $500 million.

The Company's affiliate, Bondex International, Inc., filed a
separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779),
estimating its assets and debts at $100 million to $500 million.


VERTIS HOLDINGS: Ends April with $25.91 Million Cash
----------------------------------------------------
Vertis Holdings, Inc., on June 6, 2013, filed its monthly
operating report for the month ended April 30, 2013.

The Debtor reported a net loss of $20.18 million on net sales of
$64,258 for the month ended April 30, 2013.

As of April 30, 2013, Vertis Holdings had total assets of
$132.46 million, total liabilities of $573.81 million, and total
stockholders' deficit of $441.34 million.

At the beginning of April, Vertis Holdings had $30.71 million in
cash.  The Debtor had total cash receipts of $2.73 million and
total cash disbursements of $7.53 million.  As a result, at the
end of the month, Vertis Holdings had total cash of
$25.91 million.

A full-text copy of the monthly operating report is available at:

       http://bankrupt.com/misc/VERTIS_HOLDINGS_aprilmor.pdf

Vertis Holdings Inc. -- http://www.thefuturevertis.com/--
provides advertising services in a variety of print media,
including newspaper inserts such as magazines and supplements.

Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821),
returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to
sell the business to Quad/Graphics, Inc., for $258.5 million,
subject to higher and better offers in an auction.

As of Aug. 31, 2012, the Debtors' unaudited consolidated financial
statements reflected assets of approximately $837.8 million and
liabilities of approximately $814.0 million.

Bankruptcy Judge Christopher Sontchi presides over the 2012 case.
Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal,
and Cadwalader, Wickersham & Taft LLP.  Quad/Graphics is advised
by Blackstone Advisory Partners, Arnold & Porter LLP and Foley &
Lardner LLP, special counsel for antitrust advice.  Kurtzman
Carson Consultants LLC is the Debtors' claims agent.

Quad/Graphics is a global provider of print and related
multichannel solutions for consumer magazines, special interest
publications, catalogs, retail inserts/circulars, direct mail,
books, directories, and commercial and specialty products,
including in-store signage. Headquartered in Sussex, Wis. (just
west of Milwaukee), the Company has approximately 22,000 full-time
equivalent employees working from more than 50 print-production
facilities as well as other support locations throughout North
America, Latin America and Europe.

Vertis first filed for bankruptcy (Bankr. D. Del. Case No.
08-11460) on July 15, 2008, to complete a merger with American
Color Graphics.  ACG also commenced separate bankruptcy
proceedings.  In August 2008, Vertis emerged from bankruptcy,
completing the merger.

Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-16170) on Nov. 17, 2010.  The Debtor estimated its
assets and debts of more than $1 billion.  Affiliates also filed
separate Chapter 11 petitions -- American Color Graphics, Inc.
(Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr.
S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case
No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No.
10-16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and
Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174).  The
bankruptcy court approved the prepackaged Chapter 11 plan on
Dec. 16, 2010, and Vertis consummated the plan on Dec. 21.  The
plan reduced Vertis' debt by more than $700 million or 60%.

GE Capital Corporation, which serves as DIP Agent and Prepetition
Agent, is represented in the 2012 case by lawyers at Winston &
Strawn LLP.  Morgan Stanley Senior Funding Inc., the agent under
the prepetition term loan, and as term loan collateral agent, is
represented by lawyers at White & Case LLP, and Milbank Tweed
Hadley & McCloy LLP.

On Jan. 16, 2013, Quad/Graphics completed the acquisition of
Vertis Holdings for a net purchase price of $170 million.  This
assumes the purchase price of $267 million less the payment of $97
million for current assets that are in excess of normalized
working capital requirements.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez,
Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl
Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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herein is obtained from sources believed to be reliable, but is
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The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
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